Ellomay Capital (ELLO) outlines contested Ellomay Luzon Energy separation and Dorad exposure

Rhea-AI Filing Summary

Ellomay Capital Ltd. reports an update on its potential separation process involving Ellomay Luzon Energy Infrastructures Ltd., currently owned 50%-50% with Amos Luzon Development and Energy Group Ltd. Ellomay Clean Energy LP, which holds the stake for Ellomay, has responded to a petition the Luzon Group filed with an Israeli District Court.

In its response, Ellomay Clean Energy argues the Luzon Group did not meet requirements under Israeli arbitration law or the shareholders agreement and says the parties had reached an understanding in principle without appointing an arbitrator or third party. It emphasizes that fulfilling this understanding is important to avoid harm to Ellomay Luzon Energy and to Dorad Energy Ltd., in which Ellomay Luzon Energy owns 33.75%. Ellomay cautions there is no assurance any separation process will occur or what terms it might carry, and it highlights wide-ranging business risks including energy prices, regulatory changes, wars affecting Israel, and operational and financing challenges.

Insights

Cross-border energy infrastructure analyst

Ellomay updates investors on a contested JV separation process that remains highly uncertain.

Ellomay Capital outlines its position in a potential separation from its 50%-owned Ellomay Luzon Energy, after the Luzon Group petitioned an Israeli District Court. Ellomay’s affiliated entity has responded, asserting arbitration-law and shareholder-agreement requirements were not met.

The response also claims the parties previously reached an in-principle understanding on separation without needing an arbitrator or third party and warns that honoring this understanding is important to avoid damage to Ellomay Luzon Energy and Dorad Energy, in which it holds a 33.75% stake. Any separation remains subject to court proceedings and various corporate and third-party approvals, so economic effects are still unclear.

The company ties this uncertainty to broader risk factors such as energy-price volatility, regulatory shifts, war-related disruptions in Israel and surrounding regions, financing constraints, and operational delays in its power projects across Israel, Spain, Italy and the United States. These elements frame the separation issue as one component of a wider risk landscape rather than a finalized transaction.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-35284

Ellomay Capital Ltd.

(Translation of registrant’s name into English)

18 Rothschild Blvd., Tel Aviv 6688121, Israel

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

THIS FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288 AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

Update regarding Implementation of Separation Mechanism concerning Ellomay Luzon Energy Infrastructures Ltd.

Ellomay Capital Ltd. (the “Company”) is providing an update in connection with the reports submitted by the Company on Form 6-K on February 9, 2026 and March 12, 2026 concerning the potential separation process with respect to Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”), currently held in equal parts (50%-50%) by the Company (indirectly) and Amos Luzon Development and Energy Group Ltd. (the “Luzon Group”).

The Company hereby updates that on March 15, 2026, Ellomay Clean Energy LP (through which the Company holds Ellomay Luzon Energy’s shares) submitted its response to the petition filed with the Israeli District Court by the Luzon Group. In its response, Ellomay Clean Energy notes, inter alia, that the Luzon Group did not comply with the requirements under the Israeli Arbitration Law and the shareholders agreement executed between Ellomay Luzon Energy’s shareholders, that the parties reached an understanding in principle without the need to appoint an arbitrator or other third party to determine the separation process, and that the fulfillment of such understanding is crucial to prevent damages to Ellomay Luzon Energy and Dorad Energy Ltd., in which Ellomay Luzon Energy holds 33.75%.

There can be no assurance that a separation process will be implemented and at what terms, any separation process and its outcome are subject to corporate and certain third-party approvals, and the Company cannot currently estimate the potential outcome of such separation process, if and to the extent implemented.

Information Relating to Forward-Looking Statements

This report contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this report regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including the possibility that a separation mechanism will be implemented, its terms and outcome, changes in electricity prices and demand, regulatory changes, increases in interest rates and inflation, the impact of the war and hostilities in Israel and Gaza and the war between Israel and Iran, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits - whether within the set time frame or at all, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, technical and other disruptions in the operations or construction of the power plants owned by the Company, the impact of the continued military conflict between Russia and Ukraine, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

1

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Ellomay Capital Ltd.
	By:	/s/ Ran Fridrich
		Ran Fridrich
		Chief Executive Officer and Director

Dated: March 17, 2026

2

FAQ

What separation process is Ellomay Capital (ELLO) updating investors about?

Ellomay Capital is updating on a potential separation process involving Ellomay Luzon Energy Infrastructures Ltd., jointly owned 50%-50% with the Luzon Group. The company’s affiliated entity has responded in court to a Luzon Group petition regarding how that separation should be implemented.

What position did Ellomay Capital’s affiliate take in its court response?

Ellomay Clean Energy LP argues the Luzon Group did not comply with Israeli Arbitration Law or the shareholders agreement. It also states the parties reached an understanding in principle on separation, without appointing an arbitrator or third party to determine the separation mechanism.

Why does Ellomay emphasize fulfilling the separation understanding with the Luzon Group?

Ellomay’s affiliate says fulfilling the in-principle understanding is crucial to prevent damages to Ellomay Luzon Energy and Dorad Energy Ltd. Ellomay Luzon Energy holds 33.75% of Dorad, so any disruption to the separation process could affect that important underlying energy investment.

Is there any assurance the Ellomay Luzon Energy separation will occur or on what terms?

No. Ellomay explicitly states there can be no assurance that any separation process will be implemented or at what terms. Any separation and its outcome depend on corporate decisions, court proceedings, and third-party approvals, leaving timing and financial implications unresolved.

How is Dorad Energy Ltd. connected to Ellomay Capital’s update?

Dorad Energy is indirectly involved because Ellomay Luzon Energy owns 33.75% of Dorad. Ellomay’s affiliate warns that failing to carry out the in-principle separation understanding could harm both Ellomay Luzon Energy and Dorad, underscoring the strategic importance of these energy assets.

What key risks does Ellomay Capital highlight alongside the separation issue?

Ellomay cites risks such as possible separation outcomes, changes in electricity prices and demand, regulatory changes, higher interest rates and inflation, wars affecting Israel, operational disruptions at power plants, financing challenges, project delays, exchange-rate shifts, and broader political and economic conditions.